SILVER COINAGE.

Wairarapa Age, Volume XXXII, Issue 9531, 1 July 1909, Page 4

SILVER COINAGE.

Several of the Federal Governments have tinkered with the Australian silver coinage question; but it has been reserved for Sir John Forrest to conclude an arrangement with the Imperial Mint by which a start is to be made with a Commonwealth issue almost at once. When Sir John returned to the Treasury he renewed the negotiations on the old basis, which had for its end the making by the Imperial Mint of a special Australian silver coinage for a term of years, the Australian Treasury receiving the profit, less the net cost, to the Imperial Treasury of the minting proctssep. The first issue of the new coinage to the banks will now take place in six inontha. presumably;, on January , let, 1910.' Eventually Australia was to have a silver mint of her own; but for thel present the Imperial authorities wll do the work for her. By an agreement made the Imperial Treasury will mint, roughly, between £150,000 and £160,000 worth of silver yearly j for Australia, and withdraw annually from circulation £IOO,OOO worth of the silver co ns. The banks by an arrangement with the Federal and Imperial Treasuries, will simply take the existing coinage to the extent of £loo,uoo a year to one of the branches of the Imperial Mine in Australia, and will receive cash fur it, either in gold or in new Australian silver coins. The profit which Australia will reap under the Forrest arrangement will be ovar £40,000 a year.